Vital Energy, Inc., a Delaware corporation (NYSE: VTLE) (“Vital
Energy” or the “Company”), today announced that it has amended its
previously announced cash tender offer (the “Tender Offer”) for its
9.750% senior notes due 2030 (the “2030 Notes”).
The Company is amending (i) the maximum amount of 2030 Notes it
will repurchase in the Tender Offer from $100,000,000 aggregate
principal amount to $197,636,000 aggregate principal amount and
(ii) the expiration date of the Tender Offer to 5:00 p.m., New York
City time, on April 16, 2024.
Accordingly, subject to completion of its previously announced
offering of additional 7.875% senior notes due 2032, the Company
will accept all 2030 Notes that were tendered and not withdrawn
prior to 5:00 p.m., New York City time, on March 27, 2024 (the
“Early Tender Date”) and settle such 2030 Notes tendered and not
withdrawn prior to the Early Tender Date on April 3, 2024. Because
the Tender Offer for the 2030 Notes, as amended, was fully
subscribed by the Early Tender Date, no 2030 Notes tendered after
the Early Tender Date will be accepted for purchase in the Tender
Offer. Consummation of the increased Tender Offer and the extension
of the expiration date of the Tender Offer set forth in this press
release is subject to completion of the additional notes offering
on April 3, 2024. If the additional notes offering is not completed
on April 3, 2024, then the Company will purchase in the Tender
Offer only the initial $100,000,000 aggregate principal amount of
the 2030 Notes tendered prior to the Early Tender Date, based on a
proration factor of 50.72%.
Except as stated in this press release, no other terms of the
Tender Offers have changed. The complete terms and conditions of
the Tender Offer is described in the Offer to Purchase, copies of
which may be obtained from Global Bondholder Services Corporation
(“GBS”), the Depositary and Information Agent, by calling (212)
430-3774 (banks and brokers) or (855) 654-2014 (all others), or
visiting http://www.gbsc-usa.com/vital online.
BofA Securities will act as the sole dealer manager for the
Tender Offer. Any questions regarding the terms of the Tender
Offers should be directed to the lead dealer manager at BofA
Securities by calling (888) 292-0070 (toll free) or (980) 287-6959
(collect) or by emailing debt_advisory@bofa.com.
This press release is for informational purposes only and does
not constitute an offer to purchase or sell, a solicitation of an
offer to purchase or sell or a notice of redemption with respect to
any securities, including the Tender Notes or the New Notes. Each
of the Tender Offers is being made solely by the Offer to Purchase.
The Tender Offers are not being made to holders of Tender Notes in
any jurisdiction in which the making or acceptance thereof would
not be in compliance with the securities, blue sky or other laws of
such jurisdiction.
About VitalVital Energy, Inc. is an independent
energy company with headquarters in Tulsa, Oklahoma. The Company’s
business strategy is focused on the acquisition, exploration and
development of oil and natural gas properties in the Permian Basin
of West Texas.
Forward-Looking StatementsThis press release
contains forward-looking statements as defined under Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements, other
than statements of historical facts, that address activities that
Vital Energy assumes, plans, expects, believes, intends, projects,
indicates, enables, transforms, estimates or anticipates (and other
similar expressions) will, should or may occur in the future are
forward-looking statements. The forward-looking statements are
based on management’s current belief, based on currently available
information, as to the outcome and timing of future events. Such
statements are not guarantees of future performance and involve
risks, assumptions and uncertainties. General risks relating to
Vital Energy include, but are not limited to, continuing and
worsening inflationary pressures and associated changes in monetary
policy that may cause costs to rise; changes in domestic and global
production, supply and demand for commodities, including as a
result of actions by the Organization of Petroleum Exporting
Countries and other producing countries (“OPEC+”) and the
Russian-Ukrainian or Israeli-Hamas military conflicts, the decline
in prices of oil, natural gas liquids and natural gas and the
related impact to financial statements as a result of asset
impairments and revisions to reserve estimates, reduced demand due
to shifting market perception towards the oil and gas industry;
competition in the oil and gas industry; the ability of the Company
to execute its strategies, including its ability to successfully
identify and consummate strategic acquisitions at purchase prices
that are accretive to its financial results and to successfully
integrate acquired businesses, assets and properties, pipeline
transportation and storage constraints in the Permian Basin, the
effects and duration of the outbreak of disease, and any related
government policies and actions, long-term performance of wells,
drilling and operating risks, the possibility of production
curtailment, the impact of new laws and regulations, including
those regarding the use of hydraulic fracturing, and under the
Inflation Reduction Act (the “IRA”), including those related to
climate change, the impact of legislation or regulatory initiatives
intended to address induced seismicity on our ability to conduct
our operations; uncertainties in estimating reserves and production
results; hedging activities, tariffs on steel, the impacts of
severe weather, including the freezing of wells and pipelines in
the Permian Basin due to cold weather, possible impacts of
litigation and regulations, the impact of Vital Energy’s
transactions, if any, with its securities from time to time, the
impact of new environmental, health and safety requirements
applicable to Vital Energy’s business activities, the possibility
of the elimination of federal income tax deductions for oil and gas
exploration and development and imposition of any additional taxes
under the IRA or otherwise, and other factors, including those and
other risks described in its Annual Report on Form 10-K for the
year ended December 31, 2023 and those set forth from time to time
in other filings with the Securities and Exchange Commission
(“SEC”). These documents are available through Vital Energy’s
website at www.vitalenergy.com under the tab “Investor Relations”
or through the SEC’s Electronic Data Gathering and Analysis
Retrieval System at www.sec.gov. Any of these factors could cause
Vital Energy’s actual results and plans to differ materially from
those in the forward-looking statements. Therefore, Vital Energy
can give no assurance that its future results will be as estimated.
Any forward-looking statement speaks only as of the date on which
such statement is made. Vital Energy does not intend to, and
disclaims any obligation to, correct, update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise, except as required by applicable
law.
Investor Contact:Ron
Hagood918.858.5504ir@vitalenergy.com
Vital Energy (NYSE:VTLE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Vital Energy (NYSE:VTLE)
Historical Stock Chart
From Apr 2023 to Apr 2024